As well as cutting growth forecasts for Europe and warning about big risks from emerging markets, Draghi warned that Europe could fall into deflation in the coming months.

He said: "We may see negative numbers of inflation in the coming months, but this will be a transitory phenomena due to low oil prices."

Europe fell into deflation — prices of consumer goods falling, rather than rising — in December last year, only getting out in April.

Inflation at the moment is running around 0.2%, way below the 2% the ECB is targeting. The forecast for inflation this year was cut from 0.3% to just 0.1%. Europe's GDP growth forecast was also cut from 1.9% to 1.7%.

Things have got worse in recent weeks because of the chaos in China and volatility in stock markets. Investors have been piling into the "safe haven" euro. The knock on effect of a strong euro is exports are more expensive, meaning there's less money coming into countries.